Future Outlook Remittance Qatar | Inbound Remittance Industry in Qatar : Ken Research

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Future Outlook Remittance Qatar Inbound
Remittance Industry in Qatar Qatar Market share
of Exchange Houses Qatar Central Bank AML
Guidelines Direct Account Transfer Remittance
Qatar Ken Research Decoding the landscape of
International remittance Industry in Qatar Qatar
is home 2.8 Million population with more than 88
of population being expatriates from India,
Nepal, Philippines, Bangladesh, Sri Lanka, Egypt
and other countries. With an unemployment rate of
less than 1, expat population is employed
majorly in construction, manufacturing, wholesale
and retail trade and other industries. A poll
opinion conducted by Ken Research indicated that
55-60 of total expat population earns less than
QAR 5,000 per month while only 5-8 earned more
than QAR 15,000 per month. These migrant workers
send money back to their home, generally during
the first and last week of month. Moreover,
migrant workers prefer to send money in a single
transaction to avoid paying transaction charges
multiple times. During 2019, the worldwide
average remittance cost of sending USD 200 was
around 7 while in Qatar it averaged around 4.5
to send USD 200 to India. The remittance fees has
been decreasing steadily in Qatar since Q3 2017
yet is still higher than the sustainable
development goal of 3 by 2030.
Table Average cost of sending USD 200 from Qatar
to major corridors during 2016-20
6.00
5.59
0.00
19
31
94
BS
4.76
4._i7
33
-47
4.24
30
2216
2017
20 IS
2019
2020
India
Philippines
Nepal
Source World Bank Remittance Databases 2019
International remittance Market Size in Qatar How
is the competitive landscape in International
Remittance Industry of Qatar? Owing to high
quantum of expat population working as blue
collar workers in construction, mining and
manufacturing sectors, exchange houses are
preferred entity for remitting money. Al Dar for
Exchange works, established in 2006, operates the
highest number of 21 branches across Qatar.
Further, top 5 exchange houses
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contribute 50 to total industry size with
players majorly competing on the basis of
exchange rates, branch proximity, marketing
campaigns, corridor specific quality services
(same day credit, cash pickup) etc.
International Remittance Industry in Qatar
Outlook to 2025 - Competitive Benchmarking of
Major players basis Operational and Financial
Parameters
What is the future takeaway for industry players?
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Given the backdrop of decrease in volume and
value of outbound international remittance
transactions, analysts at Ken Research expect a
growth of 9 during 202021 and CAGR of 3.5 in
international remittance transaction value during
2020-25F. During this period, value of
transactions is expected to peak in 2022 owing to
expected arrival of more than 1.5 Million foreign
travelers for FIFA World Cup 2022 event with
strong focus on digitalization of services by
leading players. The need of the hour is to
re-assess the business strategy and strengthen
technological capabilities aimed at offering
hassle free, do-it-yourself experience to
customers. Request For Sample Report -
https//www.kenresearch.com/sample-report.php?Frmd
etailsNDg0NzMy Key Topics Covered in the
Report Overview of International Remittance
Industry in Qatar (Statistics on Corridor wise
Transaction volume and value) Industry
segmentation (By Type of Transfers, Type of
Intermediary Operators, Corridor wise, Type of
Source Entities) Cross Comparison of Major
Exchange houses on Operational and Financial
Parameters (December 2020, June 2021) Company
Profile of Major Exchange Houses (Overview,
Products and Services, USP, Business Strategies,
Branch wise Operational Performance, Cumulative
Financial Performance, Recent Developments) Growth
Drivers and Challenges to Qatar International
Remittance Industry Industry trends and
developments Rules and Regulations by Government
Bodies Impact of COVID-19 and Future Outlook of
Industry For More Information, refer to below
link- Qatar Central Bank AML Guidelines Future
Outlook Remittance Qatar
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Remittance Corridor Contact Us- Ken
Research Ankur Gupta, Head Marketing
Communications support_at_kenresearch.com 91-9015378
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